Trulieve Q2 revenue falls short of estimates as cannabis company lowers full-year guidance

Trulieve Cannabis Corp.
TRUL,
+2.14%
TCNNF,
+1.30%
said Wednesday it had a net loss of $1.1 million in the second quarter, or 12 cents a share, after earnings of $47 million, or 31 cents a share, in the year-earlier period. The Tallahassee, Fla.-based cannabis company said its adjusted per-share loss came to 1 cent, matching the FactSet consensus. Revenue rose to $321.3 million from $215.1 million, just below the $322.0 million FactSet consensus. Retail revenue rose 3% to $298.6 million and wholesale, licensing and other revenue fell by 22% sequentially to $21.7 million. The company said it now expects full-year revenue to range from $1.25 billion to $1.30 billion, down 5% from the low end of prior guidance. The guidance factors in changes across the business, the impact of inflation on consumer sending, softness in wholesale markets, the lack of visibility in the macro environment. Shares were not yet active premarket, but have fallen 49% in the year to date, while the AdvisorShares Pure US Cannabis ETF
MSOS,
-0.34%
has fallen 54% and the S&P 500
SPX,
-0.42%
has fallen 13.5%.